Live cattle futures are $2.75 to $3.60 higher on Tuesday. Cash trade has yet to pick up this week, with last week’s sales of $230-232 in the North and $222-225 in the South. Feeder cattle futures are rallying another $4.05 to $4.50 on Tuesday trade. The CME Feeder Cattle Index was up 8 cents to $312.04 on July 4.

CFTC data showed spec funds trimming back their net long in live cattle futures options by 3,431 contracts to 129,462 contracts. In feeder cattle, managed money cut back 1,620 contracts from their large net long to 33,886 contracts.

USDA Wholesale Boxed Beef prices were mixed in the Tuesday AM report, with the Chc/Sel spread widening to $14.75. Choice boxes were up $3.28 to $394.26, while Select was quoted $1.98 higher at $379.51/cwt. Estimated cattle slaughter for Monday was 114,000 head according to the USDA. That was 4,000 head below last week, but 1,934 head above the same Monday last year.

Aug 25 Live Cattle  closed at $219.500, up $3.600,

Oct 25 Live Cattle  closed at $216.350, up $3.400,

Dec 25 Live Cattle  closed at $216.175, up $2.750,

Aug 25 Feeder Cattle  closed at $317.775, up $4.050,

Sep 25 Feeder Cattle  closed at $317.850, up $4.325,

Oct 25 Feeder Cattle  closed at $315.775, up $4.425,